Steel Dynamics Inc

Latest Results (30.08.2026):

Steel Dynamics Inc's second quarter 2026 results: the company reported consolidated net sales of $6.1 billion and net income attributable to Steel Dynamics of $534 million (diluted EPS $3.69) for Q2 2026, with adjusted EBITDA of about $921 million and record total shipments of roughly 3.7 million tons. Results included a $16 million non‑cash impairment related to relocating a planned aluminum slab center, continued aluminum commissioning costs, $428 million of cash flow from operations, and $200 million of share repurchases.

Financial results

Q2 2026 consolidated operating income was $700 million. Adjusted EBITDA was $920.5 million, net income attributable to Steel Dynamics was $534 million (diluted EPS $3.69). The quarter included a $16 million non‑cash asset impairment charge tied to the aluminum slab center relocation.

Steel performance

Steel operations drove results: steel operating income was $721 million (up 30% sequential), average external steel selling price rose to $1,298/ton (up $105 sequential), and average ferrous scrap cost was $412/ton (up $16 sequential). Long‑product demand, structural and rail markets were particularly strong.

Aluminum progress

Aluminum flat‑rolled operations continued commissioning: Q2 aluminum shipments were ~53,000 metric tons and hot band production ~84,000 metric tons. Aluminum operating losses narrowed to $33 million (a 48% sequential improvement). The company expects commercial aluminum volumes and profitability to increase in H2 2026 and into 2027.

Cash flow and capital allocation

Cash flow from operations in Q2 was $428 million. During the quarter the company invested $124 million in capex, paid $77 million in cash dividends, and repurchased $200 million of common stock. YTD through June 30, 2026, the company repurchased $315 million and paid $149 million in dividends.

Operational metrics

Total shipments reached a record ~3.74 million tons in Q2; external shipments were about 3.09 million tons and steel mill production ~2.97 million tons. Flat‑roll shipments and steel processing volumes also increased versus prior periods.

Balance sheet and liquidity

As of June 30, 2026, Steel Dynamics reported total assets of $17.11 billion and total equity of $9.22 billion, with liquidity of approximately $2.0 billion. Capex for the quarter was $124 million and long‑term debt remained around $4.18 billion.

Year‑to‑date and outlook

For the six months ended June 30, 2026, net income was $938 million on $11.3 billion of net sales and first‑half operating income rose 88% year‑over‑year. Management expects continued favorable steel and aluminum market conditions through the remainder of 2026 into 2027 and highlighted strategic growth in higher‑recycled‑content aluminum and sustained capital returns.